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Depletion on a stone quarry

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    Depletion on a stone quarry

    Client has a stone quarry - strips and sells the stone - correct me if I am wrong but there is no depletion taken on the stone extracted - correct? I have never taken it in the past - am I missing something.

    Thanks ahead of time....

    #2
    Check Pub 535.

    Check Pub 535. I believe it is 5% depletion.

    Clay used or sold for use in making
    drainage and roofing tile, flower pots,
    and kindred products, and gravel, sand,
    and stone (other than stone used or sold
    for use by a mine owner or operator as
    dimension or ornamental stone)
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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      #3
      Thanks - most of them sell as ornamental stone.

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